18th Sep 2013 09:05
LONDON (Alliance News) - Sable Mining Africa Limited Wednesday said it is positive on assay results connected to its expansion exploration programme at the Nimba Iron Ore project in Guinea.
The exploration-and-development mining company with operations in Africa said it has received results from nine of the 18 drilling holes at the site ,and they show high grade Canga-type Iron Ore.
The company said its P3.13-050 site showed the best grade, with 23 metres holding 61.5% iron, and the drilling programme hopes to target a future expansion of the site based on a recently updated mineral resource at the site of 135.5 million tonnes at an average grade of 59.4% iron.
Sable wants to extend the projects mineral resources to 200 million tonnes.
The Nimba project is now undergoing a pre-feasibility study to determine what it would take for production to get started. Sable said the increase in the quality of iron, as well as the amount, proves the commercial viability of the project, because it now anticipates high margins and low capital expenditure for a high quality product.
"I look forward to providing further updates regarding the results of the expansion drilling, the enlarged JORC Code-compliant resource and importantly our corporate advancements, including the issue of a Mining Licence and Export Decree, in the near future," Chief Executive Andrew Groves said in a statement.
Sable Mining shares were up 1.9% to 5.50 pence Wednesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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